Look out WiMAX and LTE – LightSquared is in town.
Upstart telecommunications company LightSquared has announced its intentions to roll out its own nationwide 4G network, boldly taking on 4G giants WiMAX, which is powered by Sprint, and Verizon and AT&T’s LTE network. The wholesale provider, which was built up by hedge fund billionaire Phillip Falcone from a struggling little satellite communications firm, already owns a huge amount of licensed wireless spectrum. Falcone’s group, Harbinger Capital Partners, bought the company for $262 million in March 2010. They announced plans to partner with Nokia Siemens in order to provide LTE services at a deal valued at $7 billion. It wasn’t until January that LightSquared was granted permission by the FCC to launch its own independent wireless network and the game plan changed.
